Concentration on core business “Packaging” shows further success

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- Net earnings after six months + 198.6 % to € 5.3 million (Q2: + 276.4 % to € 4.2 million)
- EBITA at mid-year + 23.7 % to € 6.9 million (Q2: +11.1 % to € 3.8 million)
- Sales at mid-year + 1.7 % to € 164.4 million (Q2: - 1,3 % to € 84.1 million)
- Equity ratio up to 37.2 % (after 35.1 % at the of 2007)

Net earnings after six months almost tripled to € 5.3 million The result after profit shares of minority shareholders in Q2 2008 was € 4.19 million, compared to € 1.11 million in the same period in the previous year. The cumulative net profits for the sharehold-ers in D.Logistics AG as of June 30, 2008 were € 5.34 million (close to three times the previous year's figure). The tax position in the second quarter is affected by a deferred tax income of € 2.3 million at D.Logistics AG which results from the approved profit and loss transfer agreement between D.Logistics AG and Deufol Tailleur GmbH. The earnings per share in the second quarter were € 0.094 (previous year: € 0.026), in the first half-year they reached € 0.120 (previous year: € 0.042).

Earnings before taxes (EBT) in the second quarter were € 2.64 million (previous year: € 1.63 million). In the first six months EBT reached € 4.64 million (previous year: € 3.34 million).

At € 3.79 million, the operating result (EBITA) in the second quarter was 10.8 % above the level for the same period in the previous year (€ 3.42 million). At € 6.01 million, earnings before interest, taxes, depreciation and amortization (EBITDA) were 7.1 % higher than in the same quarter in the previous year. The EBITDA margin rose from 6.6 % in the second quarter of 2007 to 7.2 % in the quarter under review. In the first half of the year, the EBITDA of € 11.42 million exceeds the previ-ous year by 15.4 % and EBITA of € 6.93 million exceeds the previous year by 23.7 %.

Sales in the first six months up 1.7 % (adjusted 3.8 %)

In the first six months, at € 164.4 million, sales were 1.7 % higher than in the same period in the previous year. Adjusted for changes to the consolidated group, this represents a decline of 2.5 %. If an adjustment is also made for the currency fluctuation, the change represents a decline of 0.4 %. As regards the sales trend, it should be noted that annual transport sales in the amount of € 13 million ceased to exist. After proportionate adjustment of transport sales (€ 6.5 million in the first six months) the growth rate is 3.8 %.

At € 84.1 million, total sales in the second quarter of 2008 were 1.3 % below the same period in the previous year. In the Industrial Goods Packaging segment, sales exceeded the previous year's quarter by 2.8 % (adjusted 4.3 %). In the Consumer Goods Packaging segment, sales are 7.3 % below the previous year, not least due to the weak US dollar, and in the Warehouse Logistics segment sales are 1.3 % higher than in the previous year.

Equity ratio up to 37.2 %

In the first six months of 2008, the operative cash flow of € 1.97 million was substantially lower than in the previous year (€ 8.95 million) due, in particular, to the significant decline in liabilities (- € 7.17 million).

The financial indebtedness of the D.Logistics Group decreased in the first six months of the fis-cal year by € 1.2 million to € 78.1 million. Net financial liabilities fell even more strongly by € 2.1 million, from € 55.4 million at the end of the year to € 53.3 million.

With a decreased balance sheet total, the equity ratio increased from 35.1 to 37.2 %.

Planned earnings figure confirmed - sales bandwidth narrows D.Logistics AG has confirmed its published target figures for the fiscal year 2008. The lower threshold of the sales bandwidth was raised by € 5 million, resulting in a new planning corridor of € 330 to 345 million. The EBITA is still expected to range between € 13.0 million and € 14.5 million. As regards the breakdown into segments, the management expects the Industrial Packaging seg-ment to exceed the original targets. Excluding the accounting profit arising from the sale of real estate in the first quarter (€ 0.9 million), Warehouse Logistics are as planned. In the Consumer Goods Packaging division, the result will be determined by the further development of the US dol-lar, the US economy and the progress made in the re-organization of the US subsidiary.

The interim report is available on the internet at http://www.dlogistics.com.